Choice is between 25 bps and 50 bps rate hike
Inflation uncomfortably high and rising
ECB to approve 39;antifragmentation39; tool
Decision at 1215 GMT, press conference at 1245 GMT

FRANKFURT, July 21 Reuters The European Central Bank will raise interest rates for the first time in 11 years on Thursday with a biggerthanflagged move seen as increasingly likely as policymakers fear losing control of runaway consumer price growth.

With inflation already approaching doubledigit territory, it is now at risk of getting entrenched above the ECB39;s 2 target, requiring rate hikes even if that slows or crashes an economy suffering from the impact of Russia39;s war in Ukraine.

But policymakers appear far from united on just how fast the ECB should move with some arguing that it is already a long way behind the curve, especially compared to global peers like the U.S. Federal Reserve, while others point to a looming recession that the ECB risks exacerbating.

The bank until recently was signalling a 25 basis point increase to be followed by a bigger move in September, but sources close to the discussion said a 50 basis point increase would also be on the table on Thursday as the inflation outlook is deteriorating quickly.

Economists polled by Reuters predicted a 25 basis point increase but most said the bank should actually hike by 50 basis points, lifting its recordlow minus 0.5 deposit rate to zero. read more

Complicating the decision, the euro39;s recent drop to a…